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Canadian Merchant Industry News

Get daily updates about the Canadian merchant industry. From news about merchant accounts and credit card processing, to security issues and point-of-sale terminals, you'll always be up-to-date.

Industry News

MasterCard Canada extends deadline for chip-and-PIN upgrade

By Tom Lu

MasterCard Canada delays deadline for switch to chip-and-pin point-of-sale terminals for retailers.

24/09/2010 - MasterCard Canada has announced that it will be extending its deadline for Canadian merchants to upgrade to chip-and-PIN-enabled point-of-sale terminals.

The credit card issuer and payment processor will be granting retailers a six-month extension, moving the deadline from October 15, 2010, to March 31, 2011.

Chip technology will enhance security and prevent unauthorized use or copying by embedding individual computer chips into the front of credit and debit cards and requiring cardholders to enter a PIN number before a transaction will process. The cards will also continue to carry a magnetic strip to accommodate those retailers who have yet to upgrade their credit card machines.

"While many merchants have already made the investment in migrating to chip, MasterCard heard through on-going dialogue that some merchants need more time to upgrade their point-of-sale terminals to accept chip-enabled cards," said Oliver Manahan, vice president of advanced payments at MasterCard Canada.

Earlier this month, MasterCard Canada hired a new president, Betty Devita, the former head of Citibank Canada, in the hopes of expanding its regional market.

Canadian Bankers Association develops blueprint for mobile payments

15/05/2012

The number of smartphone owners in Canada now represents half of all wireless users, and many retailers have already installed point-of-sale terminals enabled with the technology that can accept mobile payments.

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EMV payments cards more widely circulated

11/05/2012

Merchants that have not yet invested in point-of-sale terminals capable of accepting EMV-chip cards might feel more pressure soon, since the number of cardholders is growing. Data recently released by EMVCo reported that 45 percent of all cards in the world contain EMV microprocessing chips

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Retailers want mobile POS systems, study shows

02/05/2012

The surveyed merchants believe the mobile credit card processing devices will help them provide better customer service and greater payment convenience since they won't be restricted to the front of the store.

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